TIB for withdrawal of import duty on gold

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PV Desk : Transparency International Bangladesh (TIB) has called for the withdrawal of import duty on gold as a measure to prevent gold smuggling. Moreover, it will increase gold trade, transparency.

The opinion was made at a presentation on gold report in a press conference held at TIB office in Dhanmondi on Sunday (November 26).

The anti-corruption organization thinks that legal gold import will increase with reduction of import duty as well as with formation of gold import policy.

TIB executive director Iftekharuzzaman said around Tk 25 crore worth of gold is being traded everyday. A large portion of it comes from smuggling. Customs intelligence department is very active now, but very few examples of punishment are seen.

The report says the demand for gold annually fluctuates from 20 tons to 40 tons.